News in brief: American dream

News in brief: American dream


The average price of an existing home in the US has risen by 15.4% in the last yearThe average price of an existing US home has risen by 15.4% in the past year (Mike Tauber/Getty)

The recovery in the US housing market is continuing apace, with sales of
previously owned homes rising to their highest level for three and a half
years in May. Sales increased by 4.2% last month to an annual rate of 5.18m,
the largest figure since November 2009 and up from 4.97m in April, according
to the National Association of Realtors (NAR). Increasing sales have boosted
values, with the average price of an existing home rising by 15.4% to
$208,000 (£177,000) in the year to May. This is the sixth straight month of
double-digit increases and the strongest price gain since the 16.6% jump in
October 2005. “The numbers are overwhelmingly positive,” says Lawrence Yun,
chief economist for the NAR.

 

Let’s talk Turkey

British buyers have been flocking to Turkey, with transfers for property
purchases up 76% in the past six months, according to the currency broker
World First. “This may


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